Ann: Dividend Policy, page-56

Same happened at GRR, company was making decent cash, almost cashbacked, PE of 4 if I remember correctly. Everybody was rambling about chinese management and how this won't ever go up.
It felt like forever for the market to notice it.

Then the Vale Dam incident happened, IO boom, and suddenly the market can't ignore a stock pourring 10c fully franked dividends anymore.

In my view, OMH is lower risk, slightly lower potential return. I don't expect to 10 bags like GRR but 5 bags is definitely achievable with good macro and pricing. And downside is much lower considering our position on the cost curve.

We repaid 66m us$ in loans, did a 120m us$ acquisition plus a small dividend while keeping the same amount of cash.

We did it while the industry is on its knees, relying on energy price caps and government support to survive.

Needless to say this will shine hard in boom times or during the next energy crisis.

Just need some patience, as usual in the market.